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EUR/USD shakes FOMC minutes off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD fell to hit a fresh 7-month low in the minutes that followed the FOMC minutes release, but quickly bounced, overshooting previous levels as the Fed wasn't as hawkish as expected.

    EUR/USD scored its lowest level since April at 1.0616 but then rebounded toward the 1.0670 zone. At time of writing, the pair is trading at 1.0655, just a few pips above its opening price and still dangerously close to its multi-month lows.

    FOMC minutes added nothing new

    Minutes of the October FOMC meeting showed that most participants anticipated that the economic conditions “could well be met by the time of the next meeting”. While members differed in their assessment of the likelihood that incoming information will warrant a rate hike in December, they agreed that the decision will remain data dependent.

    EUR/USD technical levels

    As for technical levels, next supports are seen at 1.0616 (Nov 18 low), 1.0570 (Apr 15 low) and 1.0520 (Apr 13 low). On the flip side, immediate resistances could be found at 1.0735 (10-day SMA), 1.0757 (Nov 16 high) and then 1.0829 (Nov 12 high).

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